Oil not quite ready to pop higher

19 May, 2017

Oil not quite ready to pop higher

Crude likely needs to break above $50.25 – the 61.8% reversion of the recent sell-off – if we are to see a significant move higher, with the $52 level being the first target. Futures expiry on Monday could also deliver volatility.

In the short term AUD/USD looks oversold. The 50% retracement of the Q1 rally at 0.7450 has already been tested and a successful breach here would pave the way for 0.7500. If we see another rejection, look for recent lows around 0.7335.


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